Core Lithium released an operational update for the Finniss Lithium Operation located in the Northern Territory.
Core’s first parcel of 3,500 tonnes of spodumene concentrate (with a high-quality grade of 5.6% Li2O) has been safely trucked to Darwin port and is now ready for shipment to foundation customer Sichuan Yahua. Core was supposed to have the cargo ready by the end of April, as stated in the market announcement on 23 March 2023, but the Company has surpassed this deadline, with the 3,500-tonne parcel being ready for shipment.
“Australia’s newest lithium mine has delivered its first cargo of spodumene concentrate to the Darwin Port ready for shipping. The product presents well, with moisture and grade within contractual specifications,” Core Lithium CEO Gareth Manderson said.
Manderson stated that the early production of the first concentrate from the Finniss Lithium Operations is a remarkable achievement.
Following the safe dewatering of the Grants pit, full mining activities at Finniss have resumed. The crusher and the Dense Media Separation (DMS) plant are used to process the ore. The second spodumene concentrate cargo is underway, a 15,000-tonne parcel to Yahua.
Both shipments are dependent on the Fastmarkets (spodumene 6% CIF China) pricing and have been sold on a FOB basis. In April, Core will receive 90% of the first parcel’s payment and 80% of the second parcel’s payment. Following Yahua’s receipt of each individual shipment, the remaining portion of the purchase price will be paid.
“The pit is now dewatered and full mining operations have recommenced. The mining fleet is back in the pit, the crusher and DMS plant are operational, and we have commenced production of the 15,000-tonne parcel of concentrate as a part of the safe and steady ramp-up of production. Core’s focus is to now establish the foundations of sustained growth for the Company, including the regular delivery of high-quality, reliable volumes of lithium concentrate that is currently in high demand,” Manderson added.
